Shareholding changes for Asirom

One of Romania”s top three insurance companies, Asirom, is going through changes related to the shareholding structure and the management.

Less than two months after a US investment fund, QVT, acquired 10.7% in Asirom from businessman Tiberiu Bica Postelnicu, almost 10% of stock was traded at the end of last year. The stock was sold by Rafinaria Astra, which was left with 8.34% in Asirom, down from 17.8%.

The stake sold by Astra refinery was worth 8.3 million euros, with one share traded at around 4,950 RON, as compared with a price of 7,200 RON at the end of Tuesday”s (January 3) RASDAQ trading session. Asirom”s market capitalisation amounts to 124 million euros.

According to market sources, the deal may actually be a stock transfer from Astra Romana to Interagro or to another company from this group, so that Astra can be able to take part in the share capital increase that is about to be operated by Asirom. Ioan Niculae, the businessman who controls Interagro, has said Asirom will increase its share capital by at least 20-25 million euros.

Astra Romana representatives could not be reached for comment.

At the same time, Niculae is trying to halt the transfer of voting rights and dividend participation rights to QVT, saying that, when stock was sold by Postelnicu, the stake was the object of litigation.

Niculae has notified Asirom”s shareholders, through his attorney Robert Bica, “to act for the suspension of rights and obligations provided by the stake that QVT obtained without observing capital market regulations, until a final legal verdict is reached”. The lawyer states that the CNVM (National Securities Commission), the Bucharest Stock Exchange and RASDAQ have been notified about the existence of the conflict between Postelnicu and Niculae over the 10% stake, in February 2005. Niculae lost the case, which is now tried by the Bucharest Court of Appeals. CNVM said it had not looked into Ioan Niculae”s request.

“QVT Fund acquired 10.77% in Asirom in good will, under a normal deal on the market. The stock is being traded and QVT will exercise its voting rights without any constraints,” said QVT official Angelo Moskov.

Asirom has also seen management changes over recent months. Steluta Racolta on Tuesday announced she would resign from the position of sales manager. Other managers who left Asirom were Cristian Gheorghita (marketing), Mihaela Rausser (human resources) and Diana Ganescu (insurance). They all had been brought to Asirom in 2004, when the general manager was replaced.

“This was a coincidence: they decided to leave the company, we decided to change the organisational structure. In several months, Asirom will witness several major changes,” explained Boris Schneider, the company”s general manager.

sorin.pislaru@zf.ro ; vlad.nicolaescu@zf.ro